From all that has been gathered, Both animals produce the same loot as zombies did. The bears give better loot than the wolves.
Bears take 4 hits from a bolt action rifle and Wolves take 2.
The red animals are still placeholders for something else to be announced by the developers at a later date.
The developers decided to remove zombies because they did not wish that the game be considered a "Zombie Survival Game," or a DayZ clone.